Statistical analysis with Statsmodels
Statistical modeling involves using statistical techniques to understand relationships in data and make predictions. Statsmodels is a Python library that provides classes and functions for estimating many statistical models and conducting statistical tests. It supports various models including linear regression, generalized linear models, time series analysis, nonparametric methods, and more. Statsmodels provides detailed output with statistical measures like R-squared, p-values, confidence intervals, and various diagnostic tests. Understanding statistical modeling allows you to move beyond descriptive statistics to inferential statistics, testing hypotheses, and building predictive models. The library integrates well with Pandas DataFrames, making it easy to work with structured data. Statistical modeling is essential for scientific research, business analytics, and any domain where data-driven decision making is important.